Partnership

Forum|Forum|3 years ago
August 29, 2022
2 replies
8 views

Two questions:

1. If my partnership has several underlying partnership investments, how do I specially allocate income by activity?

2. My underlying partnerships have liabilities, where do I enter underlying partnership liabilities?

ProSeries Professional

This topic has been closed for replies.

dkh

Level 15

Regarding question 1 - if you are wanting to allocate income per Partner/Member, that is done in the K1 worksheet - Special Allocations by Amount

T

TaxRBSAuthor

Level 2

I would like to specially allocate each underlying K-1 income as different partners share differently in each investment. I would like to produce a specially allocated activity schedule for PAL purposes.

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Terry53029

Intuit Community Champion

Regarding your 2nd question. Enter recourse and nonrecourse liabilities on page 4-5 near bottom on smart liabilities worksheet

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TaxRBSAuthor

Level 2

This creates an error or diagnostic because the liabilities don't equal whats on the Balance Sheet. Will Proseries allow me to efile with the error?

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Terry53029

Intuit Community Champion

You can e=file with errors by disabling error check when you efile, but you should not have errors or have out of balance books

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